We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With … rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a … standard 'target criterion' that refers to inflation and the output gap, without making reference to housing prices. When the …

of housing bubbles that predicts that places with more elastic housing supply have fewer and shorter bubbles, with …"Like many other assets, housing prices are quite volatile relative to observable changes in fundamentals. If we are … going to understand boom-bust housing cycles, we must incorporate housing supply. In this paper, we present a simple model …

We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. In a … setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy … can be characterized without making reference to housing price developments: commitment to a 'target criterion' that …

We analytically characterize optimal monetary policy for a New Keynesian model with a housing sector. If one supposes … that the private sector has rational expectations about future housing prices and inflation, optimal monetary policy can be … characterized without making reference to housing price developments: commitment to a “target criterion” that refers only to …

We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. In a … setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy … can be characterized without making reference to housing price developments: commitment to a "target criterion" that …

We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. In a … setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy … can be characterized without making reference to housing price developments: commitment to a "target criterion" that …